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New Naira: Banks Await CBN Decision After Supreme Court Ruling
The re-issuance of old naira notes has caused a division among stakeholders in the financial sector and banks, after a Supreme Court judgement extended their legal tender status until December 31st, 2023.
Banks have stated that they will not begin the re-issuance of the old notes until directed to do so by the Central Bank of Nigeria (CBN).
However, stakeholders including bank customers, financial analysts, and business owners have called for an immediate re-issuance of the old naira notes in accordance with the Supreme Court ruling.
According to officials from some banks who spoke to Vanguard MoneyDigest, the banks have indicated their willingness to comply with the re-issuance of the old naira notes once they receive a directive from the CBN.
An anonymous official working with Access Bank reportedly stated that the bank would follow the directive of the CBN regarding the re-issuance of old naira notes, rather than the ruling of the Supreme Court.
“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator”, he said.
On whether the apex bank will obey, he said the CBN reports to the President and that the President has decided on the issue.
“We all know what the President has said on the matter. The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President.
Another bank official, who works from Keystone Bank said: “We can’t do anything contrary to CBN. They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.
Another anonymous bank official, speaking to Vanguard Money Digest, has revealed that despite the directive from the CBN, the old naira notes have not yet been made available to the bank.
In his words, “We don’t have the old notes and we are not answerable to the Supreme Court. The CBN must send a circular before we can implement any directive.”
Corroborating, another banker stressed that the old Naira notes are no longer in their possession, adding that if the CBN makes it available to banks they will start paying their customers.
Financial analysts, on the other hand, have called for an immediate re-issuance of the old naira notes in accordance with the ruling of the Supreme Court.
Speaking in this regard, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners said: “I think the immediate impacts are: restoration of cash/liquidity to the system; improvement in circular flow; and obliteration of initial objectives of CBN to remove illegal money/money in wrong hands; to remove distortions; and to reduce inflationary pressure.
Similarly, Prof Uche Uwaleke, President, Association of Capital Market Academic of Nigeria, ACMAN, said: “I advise the CBN to comply with the ruling since it has come from the final court in the land.
“Doing so will help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy.
“Be that as it may, it’s important to recognize that the CBN has recorded some achievements in terms of the objectives it set out to achieve. The reduction in huge cash circulating outside the commercial banks, the surge in electronic transactions, increase in financial Inclusion are part of the achievements recorded thus far.” He added.
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Obi Calls for Tinubu’s Resignation Over ‘Failure in Governance’ After UK PM Exit
Former presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called on President Bola Ahmed Tinubu to resign over what he described as “failure in governance,” drawing comparisons with political accountability in other democracies following the resignation announcement of UK Prime Minister Keir Starmer.
In a statement posted on his official X account on Monday, Obi said he had followed Starmer’s resignation speech and reflected on what he described as the importance of leadership responsibility in democratic governance.
ALSO READ: UK PM Keir Starmer Resigns
“As a keen observer of global politics, my primary interest lies in examining what successful nations do right and the structural factors that cause others to lag or struggle with governance and development,” Obi said.
He noted that Starmer’s decision followed growing public dissatisfaction over economic challenges, rising cost of living, and unmet campaign promises in the United Kingdom.
Obi then drew parallels with Nigeria, recalling that before the 2015 general elections, President Bola Ahmed Tinubu had repeatedly called on then-President Goodluck Jonathan to resign over insecurity.
“During the Chibok school kidnapping incident, he demanded the immediate resignation of President Jonathan, arguing that the government had failed in its most fundamental duty of protecting lives,” Obi stated.
He also referenced campaign promises made by Tinubu during the 2023 elections, including commitments to improve electricity supply, tackle corruption, and enhance the welfare of Nigerians.
“President Bola Ahmed Tinubu made several promises, including improved electricity supply. He also challenged the electorate not to vote for him for a second term if he failed to deliver on those commitments,” Obi said.
According to him, conditions in the country have since deteriorated, with persistent power shortages, worsening insecurity, and deepening economic hardship.
“At present, however, these conditions have worsened. Electricity supply remains unreliable, insecurity has intensified in many areas, including kidnappings, and economic hardship has deepened rather than eased,” he added.
Obi further argued that other sectors, including infrastructure, transportation, and anti-corruption efforts, had also suffered setbacks, insisting that Nigeria is currently in “the worst possible condition.”
The opposition figure therefore called on President Tinubu to step down, saying such a move would promote accountability in public office.
“I, therefore, join Nigerians of goodwill in calling for the resignation of the President over monumental failure in governance,” Obi said.
He added that resignation would help foster “a political culture rooted in accountability and responsibility” and reinforce the idea that “public office is a sacred trust, not an entitlement,” stressing the need for what he called “a New Nigeria that is possible.”
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Ex-IGP Usman Alkali Baba Joins Yobe Governorship Race, Vows to End Insurgency
Former Inspector General of Police, Usman Alkali Baba, has formally declared his intention to contest the 2027 governorship election in Yobe State, promising to tackle insecurity and rebuild the state’s economy.
In a statement released Tuesday following a consultation meeting in the state, the retired police chief said his ambition is driven by a desire to restore peace, strengthen institutions, and accelerate development across all sectors.
Alkali pledged to “wipe out insurgency” and revive economic activities disrupted by years of insecurity, noting that his administration would prioritise intelligence-driven security and community partnerships.
“My vision for Yobe State is clear. I want a state where security is strengthened through intelligence and community partnership. I want a state where farmers can return to their farms with confidence, traders can move freely, and children can go to school without fear,” he said.
The former police boss emphasised his experience in national security management, stating that his years in public service have equipped him with the discipline and strategic thinking needed to govern effectively.
According to him, Yobe State requires leadership that understands security, institutional coordination, and human development, adding that insecurity has significantly hindered growth and deepened poverty in the region.
He also outlined plans to boost agriculture, expand infrastructure, and invest in education and youth empowerment. Alkali promised to provide microcredit support for women and equip young people with technical skills and startup kits to drive commerce and industry.
On healthcare, he pledged to combat child-killer diseases, including polio, and introduce free maternal healthcare services, as well as free medical care for children aged zero to five.
“Mothers will not die during childbirth, and children will live and thrive. They will go to school and graduate in a safe and secure environment,” he assured.
Alkali further stated that his administration would focus on inclusive governance, ensuring development reaches all local government areas without discrimination.
While expressing readiness to build on the achievements of the current administration, he maintained that governance must go beyond rhetoric and propaganda, stressing that it requires “vision, action, and the courage to make tough decisions.”
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Bayern Won’t Sell Olise Even for €200m — Rummenigge Drops Bombshell
Bayern Munich have made a strong statement over the future of winger Michael Olise, with Vice-President Karl-Heinz Rummenigge insisting the club would reject even a €200 million offer for the player.
The comments, reported by transfer expert Fabrizio Romano on Monday, highlight Bayern’s long-standing policy of prioritising sporting stability over financial gain.
SEE ALSO: BREAKING: Chelsea Hit With £10.75m Fine, Transfer Ban
Rummenigge explained that the club’s position is rooted in a historic decision made in 2009, when Bayern received a massive bid from Chelsea for Franck Ribéry.
After internal discussions involving then CFO Karl Hopfner and former president Uli Hoeneß, the club chose to reject the offer — a decision that shaped its modern transfer philosophy.
According to him, that principle remains unchanged today.
He stressed that Bayern do not consider selling players who are essential to the team, adding that even a record-breaking €200 million bid would not change their stance on Olise.
The statement is expected to fuel further transfer speculation across Europe, but Bayern officials maintain that Olise is a key part of their long-term sporting project and not for sale.
Bayern Munich continue to uphold their “untouchable players” policy, while Michael Olise remains central to their squad plans.





